It really depends on what your spending habits are, Footmax....

It really depends on what your spending habits are, Footmax.

I've drawn down $5,670 a month from my pension, but I really don't need that much, and will reduce it to 5k per month next year. The first year I drew down minimum (2%), but that was too little, and I drew on personal investment income to top up my beer money.

My guess, is that a couple would need $1.2 million, drawing down 5%, giving them $5,000 per month income, and an individual about $1 million, to give them an income of a tick over $4,000 per month.

It's so open to conjecture as everyone has different requirements, and an unencumbered individual could easily live on the income from an $800,000 pension, based on 5% drawdown........$800 per week. At 4.3 weeks in a month, that makes $3,440 per month.

Anyways, just my two bobs worth as I am already there and living the retirement dream, but it isn't any 'dream' if you don't stay active.......second part of the retirement equation.

p.s. don't be afraid to self-manage your pension if you think you are a decent investor.